UBS beats forecasts, as income growth strong

BrianBlackstone

ZURICH--UBS Group AG
UBS, +0.33%
said Friday its net profit jumped during the first quarter, exceeding analyst expectations due to strong income growth in its investment-banking and wealth-management units.

The Swiss banking giant said net income was 1.3 billion Swiss francs ($1.31 billion) during the first three months of 2017, up from CHF707 million a year ago. Operating income rose to CHF7.5 billion from CHF6.8 billion a year earlier.

Analysts had expected net income of CHF839 million on adjusted operating income of CHF7.4 billion, according to the average forecast compiled by the bank.

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